10 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) For the six-month period ended For the six-month period Note ended (Reviewed) (Reviewed) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid to the Company s shareholders 10 (825,000) (825,000) Dividends paid to non-controlling interests (16,038) (9,477) Net movements in interest bearing loans and borrowings 65,241 69,406 Interest paid (78,308) (48,913) Net cash used in financing activities (854,105) (813,984) Net decrease in cash and cash equivalents (321,218) (198,965) Cash and cash equivalents at beginning of period 1,750,797 1,622,315 Cash and cash equivalents at end of period 1,429,579 1,423,350 The notes on pages 9 to 18 are an integral part of these condensed consolidated interim financial statements. 8

11 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six-month period ended 1. REPORTING ENTITY Qatar Electricity & Water Company Q.S.C. (the Company ) is incorporated in accordance with the provisions of the Qatar Commercial Companies Law No. 11 of as a Qatari Shareholding Company, and was registered at the Ministry of Economy and Commerce of the State of Qatar with Commercial Registration number dated 20 February The Company is domiciled in the State of Qatar, where it also has its principal place of business. Its registered office is at Al-Markhiya Street, Madinah Khalifah North Area, and P.O. Box 22046, Doha, Qatar. The Company s shares are listed on the Qatar Stock Exchange since 3 May The Company s condensed consolidated interim financial statements comprises the Company and its subsidiaries (collectively referred as the Group ). The principal activities of the Group, which have not changed from the previous period, are the production of electricity and desalinated water for supplying them to the state owned Qatar General Electricity and Water Corporation ( KAHRAMAA ). The subsidiaries of the Company are the following: Name Principal activity Country of incorporation Share holding Ras Laffan Operating Company W.L.L. Generation of electricity & production of desalinated water Qatar 100% Ras Laffan Power Company Q.S.C. Generation of electricity & production of desalinated water Qatar 80% The Group has the following joint ventures: Qatar Power Q.S.C. Name Mesaieed Power Company Q.S.C. Ras Girtas Power Company Q.S.C. Nebras Power Q.S.C. Umm Al Houl Power Q.S.C. Principal activity Country of incorporation Percentage of holding Generation of electricity & production of desalinated water Qatar 55% Generation of electricity & production of desalinated water Qatar 40% Generation of electricity & production of desalinated water Qatar 45% Investments in electricity and desalinated water projects outside the State of Qatar Qatar 60% Generation of electricity & production of desalinated water Qatar 60% 9

12 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six-month period ended 2. BASIS OF ACCOUNTING These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, and should be read in conjunction with the Company s last annual consolidated financial statements as at and for the year ended 31 December (the last annual consolidated financial statements ). They do not include all the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group s financial position and performance since the last annual financial statements. These condensed consolidated interim financial statements were authorised for issue by the Company s Board of Directors on 13 July. 3. USE OF JUDGMENTS AND ESTIMATES In preparing the condensed consolidated interim financial statements, management has made judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgments made by management in applying the Group s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December. Measurement of fair values When measuring the fair value of an asset or liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: Level 1: Quoted market price (unadjusted) in active markets for an identical assets or liabilities Level 2: inputs other than quoted prices included in Level 1 that are observable for the assets or liability, either directly(i.e. as prices) or indirectly (i.e. derived from prices) Level 3: inputs for the assets or liability that are not based on observable market data (unobservable inputs) If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumption made in measuring fair values is included in Note 18 - Fair values of financial instruments. 10

13 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six-month period ended 4. SIGNIFICANT ACCOUNTING POLICIES Except as described below, the accounting policies applied in these condensed consolidated interim financial statements are the same as those applied in the Company s consolidated financial statements as at and for the year ended 31 December. Changes in accounting policies During the current period, the Group adopted the below amendments and improvements to the International Financial Reporting Standards that are effective for annual periods beginning on 1 January : Amendments to IAS 1 on Disclosure Initiative Amendments to IAS 16 and IAS 38 on clarification of acceptable methods of depreciation and amortization Amendments to IAS 16 and IAS 41 on Agriculture: Bearer plants Amendments to IAS 27 on equity method in Separate Financial Statements Amendments to IFRS 11 on accounting for acquisitions of interests in Joint Ventures Amendments to IFRS 10, IFRS 12 and IAS 28 on investment entities applying the consolidation exception IFRS 14 Regulatory Deferral Accounts Annual improvements to IFRSs cycle The adoption of the above amendments and improvements had no significant impact on the condensed consolidated interim financial statements. 5. SEGMENTAL INFORMATION The Group primarily operates integrated plants for the generation of electricity and production of desalinated water in the State of Qatar. The water desalination process is completely dependent upon electricity generation. The electricity and desalinated water processes are interrelated and are subject to similar risks and returns. The Company also sells both its products to only two customers, KAHRAMAA and Qatar Petroleum, in the State of Qatar. Consequently, the Group is considered to have a single business segment and a single geographical segment. 11

14 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six-month period ended 6. PROPERTY, PLANT AND EQUIPMENT Acquisitions During the six-month period ended, the Group acquired assets with a cost of QR 384,735 thousand (six-month period ended : QR 469,150 thousand). Disposals During the six-month period ended, the Group disposed assets with a cost of QR 27,983 thousand for QR Nil with carrying value of QR Nil. (six-month period ended : the Group disposed assets with a cost of QR 55,605 thousand for QR Nil with carrying value of QR Nil). Capital commitments During the six-month period ended, the Group entered into a contract to construct property, plant and equipment of QR 443,272 thousand (six-month period ended : QR 78,122 thousand). The completion of property, plant and equipment under construction is expected in March INVESTMENT PROPERTY (Reviewed) 31 December (Audited) At the beginning of the period / year 174, Transfer from property, plant and equipment (1) ,901 At 31 December 174, ,901 (1) Investment property comprises a land in Lusail purchased from Qatar Diar Real Estate Company Q.S.C. Based on an internal valuation exercise, the fair value of the investment property as at 31 December is QR 457 million. Management is of the view that the fair value as at is not significantly different from the fair value determined as at 31 December. 8. INVESTMENTS IN JOINT VENTURES The Group has the following investments in joint ventures: Country of incorporation Ownership (Reviewed) 31 December (Audited) Qatar Power Q.S.C. Qatar 55% 335, ,343 Mesaieed Power Company Q.S.C. (1) Qatar 40% Ras Girtas Power Company Q.S.C. (1) Qatar 45% Nebras Power Q.S.C. Qatar 60% 2,268,728 2,248,304 Umm Al Houl Power Q.S.C. (2) Qatar 60% -- 2,187 2,604,331 2,626,834 (1) The carrying values of these investments have been reduced to zero as a result of the share of the Group s losses in these joint ventures recognised in previous years. (2) Umm Al Houl Power Q.S.C. is expected to be operational during the year

17 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six-month period ended 14. EARNINGS PER SHARE The calculation of basic earnings per share is arrived by dividing the profit attributable to the owners of the Company for the period by the weighted average number of ordinary shares outstanding during the period. For the three-month period ended For the six-month period ended (Reviewed) (Reviewed) (Reviewed) (Reviewed) Profit for the period attributable to owners of the Company 443, , , ,151 Weighted average number of shares outstanding during the period (in shares) 110, , , ,000 Basic and diluted earnings per share (expressed in QR per share) ASSET HELD FOR SALE AND DISCONTINUED OPERATIONS The Company disposed Al Wajbah, Al Saliyah and Doha South Super stations and recognised a gain of QR 14.2 million for the period, which is included in the profit or loss. These stations were classified as held for sale and carrying value at the reporting date was QR Nil as they were fully depreciated in earlier years (: QR Nil). 16. COMMITMENTS AND CONTINGENT LIABILITIES 31 December (Reviewed) (Audited) Contingent liabilities: Bank guarantees, corporate guarantees and documentary credits 129, , RELATED PARTY DISCLOSURES Related parties represent associated companies, major shareholders, directors and key management personnel of the Company, and entities controlled, jointly controlled or significantly influenced by such parties. Pricing policies and terms of these transactions are approved by the Group s management. Related party transactions For the three-month period ended For the six-month period ended Related parties (Reviewed) (Reviewed) (Reviewed) (Reviewed) Sales: Revenue from sale of electricity KAHRAMAA 400, , , ,636 Revenue from sale of desalinated water KAHRAMAA 353, , , ,768 Qatar Petroleum 4,819 3,799 8,263 6,971 Lease income from plant lease KAHRAMAA 39,280 47,619 69,614 89,791 15

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